Absa Bank Kenya opens first flagship La Riba Branch in Nairobi

• Unveils the first ever Shariah compliant investment notes in Kenya

Absa Bank Kenya has opened its doors to customers at its newest branch located at the BBS Mall, one of Kenya’s largest shopping malls located in the commercial area of Eastleigh, Nairobi.

Whereas this branch will serve all customers in the area, it also becomes Absa’s flagship La Riba center, marking a strategic milestone in network expansion and setting itself apart in adelivering ground-breking solutions fit for the local market’s distinctive needs.

Speaking during the branch opening, Absa Bank Kenya’s Managing Director, Abdi Mohamed, said that customers will access transactional accounts, savings accounts and Mudharabah deposit accounts as well as access to Shari’ah compliant investments, financial advisory among other offerings.

“We have been active in this space but now, we aim to expand our distribution network to meet our current and desired needs of our customers where and how they best prefer. We are therefore proud to continue playing a part in supporting business growth in Eastleigh and, by extension, Nairobi. The community here is well known for its business prowess, and we take this warm invitation to be their trusted financial partner,” said Mr. Mohamed.

As part of the revamped La Riba offering, the Bank is committed to serving underserved groups and making inter-generational wealth creation accessible. To bridge an existing market gap, Absa has introduced Kenya’s first Shariah-compliant structured investment notes. These notes are designed for premier clients, providing offshore exposure along with the opportunity to leverage potential upside returns while ensuring capital protection. In addition, Absa has introduced unsecured personal lending solutions (Tawarruq), which targets scheme customers working at both County and National governments.

“As Absa, we are uniquely positioned to make a substantive difference while being keen on our governance structures. Towards that end, we have also expanded our Shariah Board membership, reflecting our commitment to embracing diversity. This independent board now represents a wide range of oversight, perspectives, and expertise, allowing us to better understand our customers and meet their diverse needs responsibly,” added Mr. Mohamed.

This new branch and product enhancement aligns with Absa’s current strategy, which aims to transform the bank into a people’s champion, fit for the modern-day business. The bank achieves this by benchmarking market offerings against consumer needs, ensuring alignment with present and evolving consumer demands.